Diamond Offshore declared a special quarterly cash dividend of 75 cents a share and a regular quarterly cash dividend of 13 cents a share.
The company reported a year-over-year net profit decline to $145.8 million, or $1.05 a share, from $176 million, or $1.27 a share, because of decreased utilization rates for its deepwater and ultra-deepwater rigs. Revenue also declined 3% to $709.7 million.
The stock was up 7.05% to $51.95 at 12:26 p.m. on Thursday.
Separately, TheStreet Ratings team rates DIAMOND OFFSHRE DRILLING INC as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate DIAMOND OFFSHRE DRILLING INC (DO) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity."